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Posted Mon, 18 Sep 2023 20:00:22 GMT by Aaron Fong
Hi everyone, Looking to get some answers on this. Very new to all business/tax stuff so apologies if it's a dumb question. I started my business last year in the space of digital marketing. As part of expenses I pay for a software owned by an American company called Clickfunnels monthly. On my business account, the invoice comes in as $197 (every time) but I payout in GBP (amount varies depending on fx rate). I am trying to file my corporation tax online (just got a letter today), however, on the page "Tell us if you need to report any of these in your accounts" , I can't tell if the Clickfunnels transactions fall under "foreign currency transactions - where the company was paid, or the company paid someone else, in a currency other than pounds" ...I presume because of the FX conversion, I have indeed paid in a foreign currency? Other interpretation of this, of course is that I haven't paid in a foreign currency as I used GBP to pay the invoice... Can someone please advise if my Clickfunnels transactions falls under foreign currency transactions? If yes, are there any free methods of filling this company tax return? I have not made a single sale since starting this business (still working on it...) and cannot afford to pay additional accounting expenses every month. From the webpage the only option listed to me was use 3rd Party software... Is there a specific reason why foreign transactions cannot be included in this online return service? Would really appreciate if anyone can give me some advice on this. Thanks in advance! Kind regards, 

Name removed admin .
Posted Wed, 20 Sep 2023 15:40:02 GMT by HMRC Admin 20 Response
Hi Aaron Fong,

As the conversation from GBP to USA dollars was at the point of sale this should not be treated as a foreign currency transaction.
This means you can complete your Company Tax return using  HMRCs software, which can be accessed through your online account.
Guidance on how to file your return can be found at File your accounts and Company Tax Return

Thank you.
Posted Thu, 21 Sep 2023 18:15:52 GMT by Aaron Fong
Hi HMRC Admin 20, Thank you so much for clarifying that up for me. Life saver! Apologies for the bad formatting in the original post. I was sure it looked nicer before I submitted my post. Thanks again for your help! Kind regards, Aaron
Posted Sat, 23 Sep 2023 12:36:00 GMT by
You have to remember the most important thing, there has been a conversation here from one currency to another. As much as possible you can use your HMRC software, which you can access directly via the internet and your bank account.

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